Business News in Brief

Unilever Nigeria to Raise $162m in Share Sale

Unilever Nigeria has scaled back the amount it plans to raise from shareholders via a rights issue to 58.85 billion naira ($162 million), Reuters reports.

The household products maker, majority owned by Unilever, had planned to raise 63 billion naira through a rights issue and said in April it would ask shareholders to approve the share sale.

The company said on Tuesday it would issue 14 new shares to existing shareholders for every 27 held at 30 naira each, a 25.2 percent discount to Tuesday's market price of 40.13 naira.

Nigerian Banks to Extend 9mobile's Loan Pending Sale

A group of Nigerian banks has agreed an extension to a $1.2 billion loan made to 9mobile, formerly known as Etisalat Nigeria, pending the mobile operator finding new investors, FCMB bank said on Tuesday.

Nigerian regulators stepped in last month to save Etisalat Nigeria from collapse and prevent lenders placing the country's fourth biggest telecoms group into receivership, prompting a board, management and name change.

UN Allocates $10.5m to Assist in Northeast

The UN has allocated over $10.5 million to help thousands of vulnerable in need of life-saving humanitarian assistance in the devastated Nigeria’s northeast.

The UN Resident and Humanitarian Coordinator in Nigeria, Mr Edward Kallon, said that the fund would prioritise life-saving assistance to victims of Boko Haram insurgency.

A statement by Mr. Abiodun Banire, National Public Information Officer, UN Office for the Coordination of Humanitarian Affairs (OCHA) quoted Kallon as saying in Abuja.

UAC to Sell Shares after H1 Profit Fell

Nigerian conglomerate UAC expects stronger results in the second half of the year and plans to raise 15.4 billion naira ($42.3 million) from shareholders after half-year profit fell, outgoing Chief Executive Larry Ettah said on Monday.

UAC, with interests in real estate, paints, foods and livestock feed, last week posted a 59 percent fall in pretax profit to 1.63 billion naira for the half-year to June.

Lagos Acquires Mega Rice Mill, to Create Jobs

Lagos State Governor, Mr. Akinwunmi Ambode on Friday in Zurich, Switzerland signed an agreement with Bühler AG (“Bühler”), a leading rice-mill producer in the world, for the acquisition of a 32 tonnes per hour Rice Mill.

The Governor, who spoke shortly after the signing ceremony, said the development was in furtherance of his vision of enhancing food security and creating employment in the State.

9mobile Seeks Concessions to Boost Revenues Ahead of Sale

The head of 9mobile, the mobile operator formerly known as Etisalat Nigeria, has asked the telecoms regulator for concessions on spectrum and foreign exchange access to shore up its revenues ahead of finding new investors.

On Tuesday, Central Bank Governor Godwin Emefiele said 9mobile had appointed advisers to find new investors after regulators stepped in to try to save the company from collapse due to it big debts.

Citigroup and Standard Bank have been appointed to manage a sale process and three major investors have shown interest.

Nigeria to Issue ₦229b Treasury Bill Next Week

Nigeria plans to issue 229.14 billion naira ($728.59 mln) in Treasury bills at an auction on Aug. 2, the central bank said, according to Reuters’ report.

The bank said it will issue 29.14 billion naira in three-month bills, 80 billion in six-month paper and 120 billion in one-year bills.

Nigeria's central bank issues Treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and to help lenders manage their liquidity.

Samsung Topples Apple as World’s Largest Phone Maker

Samsung Electronics is now the world’s largest maker of mobile phones, memory chips and most profitable tech firm, going by its record quarterly earnings released today, AFP reports

The figures show that the South Korean tech giant is on course to overtake Apple as the world’s most profitable tech.

The firm said huge sales of its new Galaxy S8 smartphone and demand for its memory chips were behind the jump in April-June and predicted another blockbuster report for the current quarter to September.

Ambode to Launch Ikeja Bus Terminal

Governor Akinwunmi Ambode will anytime from now launch in Ikeja, capital of Lagos state a world class Bus Terminal, first of its type in Nigeria

The Ikeja Bus Terminal was developed by the State Government as part of the infrastructures for the Lagos Bus Reforms Project.

It will serve as the hub of all transport activities within the Ikeja Zone, serving over 50,000 passengers daily and providing access to many destinations including Oshodi, Ojota, Iyana-Ipaja, Maryland, Agege, Ogba, CMS, Obalende, Iyana-Ipaja, etc.

Debt Office Sells Local Bonds at 16.25%, Same as Inflation Rate

Nigeria sold 10 and 20-year bonds denominated in the local currency at 16.25 percent, the same as the inflation rate, at an auction on Wednesday, auction data showed on Thursday.

Nigeria's annual inflation eased for the fourth straight month in May to 16.25 percent from 17.24 percent in April, while analysts expect the consumer price index to have declined further in June, Reuters reports.